TECHNOLOGY MANAGEMENT

TECHNOLOGY DEFINITION - It is the practical application of knowledge especially in a particular area and a capability given by the practical application of knowledge. Its goal is to solve a problem, to make something happen. The goal of science is understanding and not action. Technology can be most broadly defined as the entities, both material and immaterial, created by the application of mental and physical effort in order to achieve some value. In this usage, technology refers to tools and machines that may be used to solve real-world problems. It is a far-reaching term that may include simple tools, such as a crowbar or wooden spoon, or more complex machines, such as a space station or particle accelerator. Tools and machines need not be material; virtual technology, such as computer software and business methods fall under this definition of technology. Additionally, technology is the application of math, science, and the arts for the benefit of life as it is known. A modern example is the rise of communication technology, which has lessened barriers to human interaction and, as a result, has helped spawn new subcultures; the rise of cyberculture has, at its basis, the development of the Internet and the computer. Technology is often a consequence of science and engineering although technology as a human activity precedes the two fields. EMERGING TECHNOLOGIES : emerging technologies, the character of which comprise cutting-edge developments, represent contemporary advances and innovation around the 21st century in various fields of technology. Various converging technologies have emerged in the technological convergence of different systems which evolving towards performing similar tasks. Convergence can refer to previously separate technologies such as voice (and telephony features), data (and productivity applications) and video that now share resources and interact with each other, synergistically creating new efficiencies. Emerging technologies are those technical innovations which represent progressive developments within a field for competitive advantage. Examples of currently emerging technologies include nanotechnology, biotechnology, cognitive science, robotics, and artificial intelligence.

BRANCHES OF TECHNOLOGY

SCIENCE ENGINEERING R&D BASIC & APPLIED RESEARCH PRODUCTION & OPERATIONS MANAGEMENT

Business strategy and technology management Issues that are involved to evaluate the relationship between technology management and business strategy, and they also play an important role in decision-making process: Is the product and marketing strategy of company clear and focused Are the supporting technologies competitive and support new market initiatives What technological successes can the company support Are options for technology acquisition assessed w.r.t. the companys immediate product and market strategy as well as its future vision Does the R&D staff have access to the firms key customers by manufacturing high-quality, low-cost products that will meet customer needs Does the R&D programme focus on developing technologies that will support its product and market strategy The central task of technology management in a firm in the context of its business strategy is to assure that the

Technology Management is set of management disciplines that allows organizations to manage its technological fundamentals to create competitive advantage. Typical concepts used in technology management are technology strategy (a logic or role of technology in organization), technology mapping (identification of possible relevant technologies for the organization), technology roadmapping (a limited set of technologies suitable for business), technology project portfolio ( a set of projects under development) and technology portfolio (a set of technologies in use). The role of the technology management function in an organization is understand the value of certain technology for the organization. Continuous development of technology is valuable as long as there is a value for the customer and therefore the technology management function in an organization should be able to argue when to invest on technology development and when to withdraw. Technology Management can also be defined as the integrated planning, design, optimization, operation and control of technological products, processes and services, a better definition would be the management of the use of technology for human advantage. Perhaps the most authoritative input to our understanding of technology is the diffusion of innovations theory developed in the first half of the twentieth century. It suggests that all innovations follow a similar diffusion pattern - best known today in the form of an "s" curve though originally based upon the concept of a standard distribution of adopters. In broad terms the "s" curve suggests four phases of a technology life cycle - emerging, growth, mature and aging. Business Technology Management (BTM) is a a management science that seeks to unify business and technology decision-making at every level in an enterprise. BTM delivers a set of guiding principles, known as BTM Capabilities. These capabilities are combined to form BTM solutions, around which a company's practices can be organized and improved. BTM also defines the expected characteristics of an organization according to five levels of a maturity model.